Surcharge is an additional tax payable in addition to income tax, and is levied as a percentage of tax. As per Income Tax Act 1961, surcharge applies in certain cases where income exceeds certain thresholds. Know more on applicability, rates for various entities.
Applicable Surcharge Rates
The following are the various surcharge rates applicable for different persons upto FY 2022-23.
|S.No||Income Slab||Rate of Surcharge||Applicable Regime||Remarks|
|1||Greater than Rs 50 lakhs and less than or equal to Rs 1 crore||10%||Old and New Regime||-|
|2||Greater than Rs 1 crore and less than or equal to Rs 2 crores||15%||Old and New Regime||-|
|3||Greater than Rs 2 crores and less than or equal to Rs 5 crores||25%||Old and New Regime||Surcharge @ 15% will be levied on income tax on Dividend, STCG u/s 111A and LTCG u/s 112A.Rest will be taxed @ 25% surcharge|
|4||Above Rs 5 crores||37%||Old and New Regime||Surcharge @ 15% will be levied on income tax on Dividend, STCG u/s 111A and LTCG u/s 112A. Rest will be taxed @ 37% surcharge|
Surcharge is levied @ 12% of income tax if the total income exceeds Rs 1 crore. Marginal Relief is available.
Surcharge is levied @ 10% of income tax. There is no threshold limit for Co-operative society. Marginal Relief is not available as there is no threshold limit.
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